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Loan Conversion Notification - Correction

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25 July 2013

Bjarte Henry Bruheim (Insider - Director) on 1 July 2013, subscribed for 20,000,000 shares in Norse Energy Corp. ASA through conversion of loans of NOK 1.5 million (convertible loan agreement entered into on 25 April 2013) at a price of NOK 0,075. Immediately after this conversion, Mr. Bruheim held 21.2 million shares of Norse Energy Corp. ASA.

This press release is correcting and replacing the press release issued on 2 July 2013.

For further information, please contact:

Chris Steinhauser, Chief Financial Officer
csteinhauser@norseenergy.com
Office: +1 713 975 1900

S. Dennis Holbrook, Chief Legal Officer
dholbrook@norseenergy.com
Office: +1 716 568 2048